Moneymatch Granted Money Services Business License

Wire

Moneymatch Granted Money Services Business License

FinTech Startup MoneyMatch announced today they have been granted a full remittance license from Bank Negara Malaysia’s (BNM) to conduct digital remittance services for businesses and individuals, including among
the first approved to conduct eKYC (electronic know-your-customer onboarding technology) via their mobile app enabling branchless and seamless customer experience.

MoneyMatch was part of the first batch of approved participants in BNM’s Regulatory Sandbox back in May 2017 and is the first FinTech startup to successfully graduate from the Sandbox and is the first startup approved by BNM’s Financial Technology Enabler Group (FTEG) to offer a complete digital experience from customer onboarding (eKYC) to executing transactions online.

Since beginning operations in June 2017, the start up has successfully transacted over MYR 700 million in transaction value servicing thousands of individuals and business customers. By operating fully online, it enables financial inclusion as they have a smorgasbord of customers from all states of Malaysia and inclusive of different backgrounds.

Recently, MoneyMatch was awarded as one of the top ASEAN FinTechs at the Singapore FinTech Festival 2018. They are targeting to expand to Australia as they have recently obtained license from Australia Securities and Investments Commission to provide remittance services. This will transform MoneyMatch into a multi-national FinTech startup with Malaysian origins.

They pride themselves for having one of the cheapest FX rates and fees in the market with a significantly faster transmission period compared to banks. Back in October 2018, MoneyMatch became the first ever BNM approved institution to successfully conduct a live cross border transaction on the blockchain by moving funds from Malaysia to Europe within hours. The same transaction would take a couple of days via the traditional institution.

Today, MoneyMatch employs over 50 full-time staff growing from just 3 co-founders and they have claimed to have raised over RM 7 million to date with their most recent investor being Cradle Seed Ventures investing over RM 2 million. MoneyMatch is now looking to raise more investments to fund their aggressive expansion plans around APAC region.